JUST IN- We are hearing from one of our sources that Insignia Towers will be breaking ground with their condo project as early as this spring. If so, the development of the first condo tower since Escala and Olive 8 would be exciting news for the Seattle condo scene. Details are limited, but we were told that Embassy Development plans to start construction in May. The developer will not need typical construction financing as they plan to fully self-finance and build on speculation alone. The developer is bullish on idea of being the first project out of the ground in Seattle since the recession. This comes at a time where less then 200 new construction units remain. The recent news of Amazon’s purchase of the Clise Property, improving market conditions and the health of Seattle’s economy has jump-started the much discussed project.

LOCATION

Located at the Northeast corner of Belltown at Bell and Battery, Insignia is a short walk to South Lake Union, Seattle Center, Downtown, Belltown and Elliott Bay. In a prime location, Insignia will take the the entire block that was once the site of Seattle’s Teatro Zinzanni.

The proposed development is a massive project. There are 2 towers encompassing 41 stories and up to 643 units. We are hearing that Embassy will start with 1 tower and focus on larger floor plans that average 1,200sf. The development team believes that Seattle needs more quality floor plans and less of the small one bedroom and studios units. According to the towers website, which is still live:

Insignia raises the bar on all aspects of Seattle living. Comparable to living in a five star resort, Insignia turns leisure into luxury with an expansive array of amenities that cater to every modern indulgence.

It is likely that the project could feature some ground floor retail as well.

AMENITIES

Maybe the most talked about element of the project is the proposed amenities. Insignia plans to offer an indoor pool, a spa, screening room, lounge areas and a 7th floor courtyard garden. On the 8th level of the project, the amenities include a loft-like setting with a mezzanine area, fitness center, wine-tasting room, library and more. Maybe the most exciting feature would be the top floor sky lounges. Insignia plans to feature four outdoor decks, game rooms, wet bars, and full sized kitchens with conversation bars, enclosed by floor to ceiling windows. The roof top lounges would feature panoramic views of the Puget Sound, Elliott Bay, Lake Union, Queen Anne Hill, Capitol Hill and the surrounding mountain ranges.

DEVELOPER

If you are not familiar with Embassy Development – Bosa Development, they are Canandian firm that focuses on projects throughout Canada and the US. They have developed a significant amount of real estate in South California and have developed well known BC projects including Legacy and Renaissance.

I’d like to be the first one to welcome Embassy back to Seattle and wish them the best of luck with Insignia. I hope Seattle residents and condo lovers are excited as I am to have new construction back in Downtown. Although not officially confirmed, I trust that we will hear much more out of Embassy and the City of Seattle soon.